All go for Posco

A share buyback by Posco has given the KDB placement a huge fillip as investors applaud Posco''s use of excess cash.

The board of Pohang Iron and Steel Company Posco has approved a share buyback equivalent to 3% of the company's issued share capital. The shares will be bought from the Korea Development Bank KDB at the same time as KDB sells its remaining 6.8% stake to foreign shareholders in a secondary placement of ADRs.

Posco launched the roadshow with two teams. The first is in Singapore today before moving on to the US for the rest of the...